Luxembourg Investment Vehicles

Reporting requirements UCITS ("Part I Fund") Valuation principles Valuation of assets is made on the basis of the realisable value estimated in good faith. Regulated Investment Vehicles Part II Fund with authorised AIFM SIF with authorised AIFM Valuation of assets is made on the basis of the realisable value estimated in good faith, unless provided for differently in the constitutive documents or management regulations. Assets must be valued at fair value, which is determined in compliance with the rules detailed in constitutive documents or management regulations. SICAR with authorised AIFM Assets are to be valued at fair value to be determined in compliance with the rules detailed in the constitutive documents. Financial reports Audited annual report is required within 4 months of the year-end. Semi-annual report is due within 2 months of the 6 month period-end. Audited annual report is required within 6 months of the year-end. Semi-annual report is due within 3 months of the 6 month period-end. If a closed-ended fund is listed on an EU regulated market the deadlines may be shorter (if listed on LuxSE, an audited annual report is required within 4 months of the year-end and a semi-annual report is due within 3 months of the 6 month period-end). Audited annual report is required within 6 months of the year-end. No semi-annual report is required. If a closed-ended fund is listed on an EU regulated market the deadlines may be shorter (if listed on LuxSE, an audited annual report is required within 4 months of the year-end and a semi-annual report is due within 3 months of the 6 month period-end). Audited annual report is required within 6 months of the year-end. No semi-annual report is required. If the entity is listed on an EU-regulated market the requirements may be different. If listed on LuxSE, an audited annual report is required within four months of the year-end and a semi-annual report is due within three months of the six-month-period end. 26 KPMG Luxembourg Investment Vehicles

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